The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1 The budget provides for estimated revenues of $2,861,000 as follows property taxes, $1,956,000 licenses and permits, $385,000 fines and forfeits, $285,000 and intergovernmental (state grants), $235,000 The budget approved appropriations of $2,804,000 as follows General Government, $535,000 Public Safety, $1,670,000 Public Works, $385,000 Culture and Recreation, $157,000 and Miscellaneous, $57,000 Required a b Prepare the journal entry (or entries), to record the Town of Bedford Fallss General Fund operating budget on July 1, the beginning of the Towns fiscal year and also record the following transactions that occurred during the month of July Also show entries in the subsidiary ledger accounts, to record the Town of Bedford Fallss General Fund operating budget on July 1, the beginning of the Towns fiscal year (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) Revenues were collected in cash amounting to $38,000 for licenses and permits and $15,500 for fines and forfeits Supplies were ordered by the following functions in early July at the estimated costs shown During July, supplies were received at the actual costs shown below and were paid in cash General Government, Culture and Recreation, and Miscellaneous received all supplies ordered Public Safety and Public Works received part of the supplies ordered earlier in the month at estimated costs of $11,400 and $6,600, respectively General Government Public Safety Public Works Culture and Recreation Miscellaneous Total $ 8,100 12,700 6,800 4,900 1,600 $34,100 General Government Public Safety Public Works Culture and Recreation Miscellaneous Total Actual Cost $ 8,000 11,500 6,800 4,800 1,600 $ 32,700 Estimated Cost $ 8,100 11,400 6,600 4,900 1,600 $ 32,600 ta Journal entry worksheet Record the reversal of the purchase orders Note Enter debits before credits General Journal Debit Credit Event b(3) Record entry Clear entry View general journal Journal entry worksheet 1 2 3 5 5 Record the cash paid for expenses Note Enter debits before credits General Journal Debit Credit Event b(4) Record entry Clear entry View general journal

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The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues

The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2,861,000 as follows: property taxes, $1,956,000; licenses and permits, $385,000; fines and forfeits, $285,000; and intergovernmental (state grants), $235,000. The budget approved appropriations of $2,804,000 as follows: General Government, $535,000; Public Safety, $1,670,000; Public Works, $385,000; Culture and Recreation, $157,000; and Miscellaneous, $57,000.

Required

a. & b. Prepare the journal entry (or entries), to record the Town of Bedford Fallss General Fund operating budget on July 1, the beginning of the Towns fiscal year and also record the following transactions that occurred during the month of July. Also show entries in the subsidiary ledger accounts, to record the Town of Bedford Fallss General Fund operating budget on July 1, the beginning of the Towns fiscal year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Revenues were collected in cash amounting to $38,000 for licenses and permits and $15,500 for fines and forfeits.
Supplies were ordered by the following functions in early July at the estimated costs shown:

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During July, supplies were received at the actual costs shown below and were paid in cash. General Government, Culture and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered earlier in the month at estimated costs of $11,400 and $6,600, respectively.

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General Government Public Safety Public Works Culture and Recreation Miscellaneous Total $ 8,100 12,700 6,800 4,900 1,600 $34,100 General Government Public Safety Public Works Culture and Recreation Miscellaneous Total Actual Cost $ 8,000 11,500 6,800 4,800 1,600 $ 32,700 Estimated Cost $ 8,100 11,400 6,600 4,900 1,600 $ 32,600 ta Journal entry worksheet Record the reversal of the purchase orders. Note: Enter debits before credits. General Journal Debit Credit Event b(3) Record entry Clear entry View general journal Journal entry worksheet 1 2 3 5 5 Record the cash paid for expenses. Note: Enter debits before credits. General Journal Debit Credit Event b(4) Record entry Clear entry View general journal